bolttech, a Singapore-headquartered insurtech, has completed its Series C funding round, raising US$147 million and reaching a post-money valuation of US$2.1 billion.
The latest financing included strategic investments from Japan’s Sumitomo Corporation and Iberis Capital, a Portugal-based private equity and venture capital firm.
These new investors join a consortium that includes Dragon Fund, Baillie Gifford, and Generali-linked Lion River.
The capital injection will support bolttech’s efforts to broaden its digital insurance capabilities and pursue expansion in both established and emerging markets.
Concurrently with the funding, bolttech and Sumitomo Corporation have formalised a joint venture to deliver embedded insurance offerings across various Asian markets.
The venture aims to provide technology-backed services to partners, enabling offerings such as device protection and upgrade programs.
Initial plans focus on Southeast Asia, targeting the region’s growing demand for cost-effective smartphone services and insurance-backed device solutions.
The companies plan to combine bolttech’s platform and distribution capabilities with Sumitomo’s regional financial infrastructure to reach underserved segments.
Shinichi Kato, group CEO of media and digital group at Sumitomo Corporation, said the venture aims to bring integrated solutions to partners.
“We are thrilled to join forces with bolttech, a partner with [a] proven track record in offering technology-enabled solutions to address consumer needs. We are confident that this partnership will enable us to leverage our combined expertise and resources to deliver industry-leading device lifecycle management services, driving growth and innovation across the Asia region,” Shinichi said.
bolttech’s latest growth initiative include governance developments, with Ridhi Chaudhary, chief investment officer at Dragon Fund, joining its board as a non-executive director. Her appointment follows Dragon Fund’s lead investment in the Series C round.
Chaudhary brings a background in private equity and venture capital, with a focus on sectors including fintech and digital health across Asia and the US.
She said bolttech’s operating model reflects ongoing industry shifts.
“bolttech has established itself as a leading force in the insurtech space, leveraging its innovative, technology-driven ecosystem to deliver tailored and accessible insurance solutions across diverse sectors,” Chaudhary said. “I’m impressed with the calibre of the team, and the strength of bolttech’s partnerships, as they work to make protection more seamless and accessible for customers worldwide. I am honoured to join their board and look forward to contributing to bolttech’s continued growth.”
